A top trader with a 100% track record is holding 39,000 ETH long ($151M).

Here’s the thing. Ethereum [ETH] isn’t just a blockchain anymore, it’s basically a reserve currency.

ETH-based stablecoins now rank as the world’s 22nd largest reserve pile… larger than what most nations keep in FX.

And while crypto Twitter argues about “weak momentum,” one top trader with a spotless record is quietly loading up longs. Is the ETH breakout already underway?

ETH’s stablecoin stack is now $183B — large enough to rank as the 22nd biggest reserve globally.

That puts Ethereum ahead of countries like Singapore, South Korea, Hong Kong, India, and Saudi Arabia in FX comparison terms. Only giants like China ($3.6T), Japan ($1.4T) and Switzerland ($1T) sit far above.

That scale matters, because it repositions ETH’s role from “tech sector asset” to a settlement layer with real monetary weight.

If Ethereum is now functionally a reserve denominator, then any cycle breakout in ETH price has potential to be macro.

The trader behind address 0xc2a3 is not sitting out the current dip.

They now hold a fresh 39,000 ETH long worth $151M (with 10x leverage) even as funding stays negative and sentiment stays cautious.

The history matters here: Lookonchain noted on X that he has a 100% win rate across major swings.

And while they also added $118M in BTC and $105M in SOL longs, the key takeaway is simple. The most “efficient” whale in this cycle is positioning size directly behind an ETH rebound first.

There’s one more pattern worth noting, and almost nobody is talking about it.

COIN led the last breakout, then corrected 34%. ETH followed with almost the same structure and a 31% cooldown. Now both sit in a similar consolidation box.

Analyst TedPillows pointed out that if COIN pushes to a fresh ATH again, ETH has so far followed that next leg up… almost tick-for-tick.

So while the focus has been reserves, whales, and flows… the most underpriced signal might simply be this.